The iconic 58-acre Raceway Park property in Freehold, New Jersey has been acquired for development by Raceway RE Partners, according to a press release by the New Jersey-based real estate development group announcing the acquisition on Wednesday, June 11.

Raceway RE Partners stated in the news release that this landmark transaction marks a significant milestone in the group’s mission to thoughtfully redevelop properties that reflect the history, spirit and evolving needs of the surrounding community.

“This land holds generations of memories — an incredible 171 years of horse racing took place here — and we intend to honour that legacy while introducing a vibrant, exciting and forward-thinking destination for all,” said Jake Lebowitz of Raceway RE Partners. “Raceway’s mission has always been to create more value both economically and socially within the community, so we can give more back — to our local charities, hospitals, police, firefighters, food banks and more. We’re not just building for profit. We’re building for purpose.”

The preliminary vision for the site includes integrated multi-use retail, chef-driven dining and a boutique hotel and social club — designed around walkability, family experience and long-term community benefit. Raceway RE Partners is actively working with township leadership and local stakeholders to ensure that plans are shaped in a way that respects both the site’s historic significance and the needs of Freehold’s future.

Freehold Raceway concluded its 171-year history in harness racing on Dec. 28, 2024.

(With files from Raceway RE Partners)